BQ51 Rep. Cote 37 S

RNS Number:0938T
Elf Aquitaine
15 March 2002

Libreville, March 15, 2002 - The Board of Directors of Elf Gabon, chaired by
Michel BENEZIT, met on March 15, 2002 and approved the final accounts for the
year ended December 31, 2001.

Net income in 2001 was $124.5 million, compared to $181.1 million in 2000.

Revenues decreased by 18%, mainly due to the deterioration of the oil price
(which averaged $21.46 per barrel in 2001, compared to $26.37 per barrel in 2000
for the crude oil commercialised by Elf Gabon, representing -19%). The volumes
sold remain stable, despite the decline in production (-4.6% for Elf Gabon's
share of operated production and -23% for non-operated production), due to a
reduction of pre-existing stock. Operational costs have decreased slightly (-5%
compared to 2000), despite an increase in expenditure on large maintenance
projects which was counterbalanced by a reduction in the operational running
costs.

Capital expenditure for 2001 was $43.7 million, originating mainly from:

• Operated activity: the continued development of Atora, work-over activities at
the Mandji fields, work to increase the processing capacity at Mboumba and the
completion of the Avocette 1 well.

• Non-operated activity: the continued development of the Rabi field under the
Increment B phase 2 project and work aimed at improving gas management.

MAIN FINANCIAL INDICATORS

          (in $ million)                                  2001     2000

   Sales                                                 731.8     890.9
   Funds generated from operations*                      203.7     269.6
   Capital expenditure                                    43.7      48.1
     . Exploration/Appraisal                               3.3       2.8
     . Development                                        39.5      44.8
     . General                                             0.9       0.5
   Net income                                            124.5     181.1

*as per new OHADA accounting standards

The Board has decided to propose the distribution of a net dividend of $27.50
per share, or a total amount of $123.75 million to all shareholders at the
Annual Shareholders' Meeting, scheduled for June 11, 2002.

The dividend is payable in euros (or the equivalent in CFA francs), based on the
exchange rate for the US dollar on the date of the Annual Shareholders' Meeting,
and will qualify in France for a tax credit of $0.21 per share, corresponding to
the amount withheld at the source in Gabon.

                                     www.elf-gabon.com
 

Press Contacts:

              Christine Melville 00331 47 44 45 91 
              Patricia Marie     00331 47 44 45 90



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